Advance estimates show that Singapore's gross domestic product
(GDP) grew by just 0.3% in April-June on a quarter-on-quarter, seasonally
adjusted and annualised rate (SAAR), slowing sharply from the first quarter's
10% pace. However, compared to a year ago, the economy is likely to expand by 2.4%, faster than the 1.6% pace recorded in the first three months of 2012. This could be attributed to the expanding manufacturing sector, which
takes up a quarter of Singapore’s GDP. The relatively better performance in the
rig-building and pharmaceutical industries helped to negate the weaker
performance in the electronics industry.
In addition, the Singapore economy has also benefited from a strong
growth in tourism and construction sectors. The financial sector, which takes up 12% of Singapore's GDP, on the other hand, is weakening due to weakness in the equity markets.
Source: Singapore GDP likely
slowed in Q2, possible contraction 9 July 2012
Crude oil prices rise on news of a halt of production by the world's seventh largest oil producer Norway's energy industry ordered a lockout next week that
threatens to bring production to a halt in Western Europe's largest oil
exporter and the world's number two gas supplier. The lockout was announced
after a massive strike by more than 700 North Sea oil workers over pensions.
The lockout will mean that 6,515 workers covered by offshore pay agreements
will not be permitted to enter their workplaces.
· At a time when global supplies are already being hit by an embargo
on Iranian oil, halting the production of the world’s seventh largest oil
exporter has caused the crude oil prices to rise.OLF, the employers’
organization, is speculating that Norway will be seen as an unreliable gas
supplier. The threat of a lockout was also prompting speculation that the
Norwegian government would step in, noting that the country's US$600 billion
sovereign wealth fund was entirely dependent on oil revenue
Pay rises eroded by high inflation,
real wage growth 0.9%
·Even though the tight labour market raised wages by 6.1%, Singaporeans
only enjoyed a real wage growth of just 0.9%. This was much lower than the real wage growth of 2.9 per
cent workers enjoyed in 2010.Most of the wage increase was eroded by inflation.
·The twin scenarios of high wages and high inflation point towards a
wage-price spiral but economists remain divided on this occurrence. This is
because the uncertain economic conditions may cool global demand and hence,
place lower pressures on wage increase.
·Policy measures to raise real wages have been deliberated. Options such
as raising absolute wages and boosting the pay of the low-wage earners have
been contemplated upon.
http://www.euronews.com/
The total number of people out of work in the eurozone hit almost 18.5 million in September as the latest figures show unemployment at record levels in September 2012.
What is unemployment?
What do you think is the main cause of unemployment in Eurozone?
Why is inflation?
Why has inflation ease?
Is tax cut necessary?
How does it helped the economy?
What is inflation?
What causes inflation?
What is the difference between cause-push and demand-pull inflation?
What are the effects of inflation?
How is inflation measured?
How does the central bank monitor inflation?
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